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The largest spec industrial development underway in Chicago is a history-making construction project. Marina Crossings, a 633K SF project in McKinley Park from MAT L.P. and JP Morgan Asset Management, is set to deliver in October. Cushman & Wakefield Managing Director Larry Goldwasser, who is marketing the property on behalf of the developers, said this is the largest industrial development in Chicago's city limits in 113 years.
"We did extensive research and cannot find a larger spec industrial project in Chicago since 1905, which was when the Central Manufacturing District broke ground," Goldwasser said.
Funded by railroad magnate Frederick Henry Prince, the Central Manufacturing District was the first planned industrial district in the U.S. At its peak, 252 companies, including Ford, Wrigley and Westinghouse Electric, called the district home.
Marina Crossings is four blocks west of the CMD. Goldwasser said the site has demand drivers in direct access to downtown and the western suburbs via Interstate 55. The developers like the population density and proximity to labor.
Goldwasser said the developers are casting a wide net for a tenant.
"This would work well for any industrial user: foodservice, manufacturers, distribution companies. Any company that needs access to the city's labor pool," Goldwasser said.
The existing rail infrastructure from the CMD has also attracted a fair amount of rail users looking to leverage it for their end use needs. Goldwasser said Marina Crossings is the only spec building in Chicago that provides rail service.
The Southwest Side is emerging as a growing industrial submarket. Another project of note is Hilco Redevelopment Partners' acquisition of the historic Crawford coal-fired electrical plant in Little Village. Hilco wants to redevelop that site into a 1M SF distribution campus.
CORRECTION, MAY 23, 8:32 A.M. CT: An earlier version of this story did not specify Marina Crossings is the largest spec industrial development in Chicago since 1905. The headline and story have been updated.
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